Lump Sum Contracts Sample Clauses
A Lump Sum Contracts clause defines an agreement where the contractor is paid a fixed total price for completing a specified scope of work, regardless of the actual costs incurred. In practice, this means the contractor assumes the risk of cost overruns but can benefit if the project is completed under budget. This clause is commonly used in construction projects where the work can be clearly defined in advance, providing cost certainty for the client and incentivizing efficiency for the contractor. Its core function is to allocate financial risk and ensure budget predictability for both parties.
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Lump Sum Contracts. The percentage of the total lump sum fee that represents the ratio of Work completed to the total amount of Work; Cost Plus Fixed Fee Contracts: Incurred cost of actual Work performed plus a percentage of the fixed fee that represents the ratio of Work completed to the total amount of Work; Specific Rate of Compensation Contract: Incurred cost of actual Work performed; Per Unit of Work Contract: The cost of each completed unit of Work and/or a percentage of each partially completed unit of Work. In no event shall County be liable for costs incurred by Contractor after the specified termination date, including but not limited to anticipated profits on this Agreement, post-termination employee salaries, post-termination administrative expenses, or post-termination overhead or unabsorbed overhead. STATEMENT OF WORK Contractor shall perform all the services, including delivery of any goods and services relating to such goods, as described in Exhibit A attached hereto (the “Work”) and in accordance with the provisions of this Agreement.
Lump Sum Contracts. The Purchaser may choose to purchase a Contract in one Lump Sum payment at the time of enrollment.
Lump Sum Contracts. Contract Price [Modify as appropriate]
Lump Sum Contracts. Comparison of Bids: Bids on Lump Sum Contracts will be compared on the basis of the lump sum price bid adjusted for alternate prices bid, if any.
Lump Sum Contracts. A final payment shall be made to the CONSULTANT which when added to any payments previously made shall total the same percentage of the Lump Sum Amount as the work completed at the time of termination is to the total work required for the PROJECT. In addition, the CONSULTANT shall be paid for any authorized extra work completed. A final payment shall be made to the CONSULTANT which when added to any payments previously made, shall total the actual costs plus the same percentage of the fixed fee as the work completed at the time of termination is to the total work required for the PROJECT. In addition, the CONSULTANT shall be paid for any authorized extra work completed. A final payment shall be made to the CONSULTANT for actual hours charged at the time of termination of this AGREEMENT plus and direct nonsalary costs incurred at the time of termination of this AGREEMENT.
Lump Sum Contracts. If a Lump-Sum contract form is included in the RFP, the Consultant is deemed to have included all prices in the Financial Proposal, so neither arithmetical correction nor price adjustments shall be made. The total price, net of taxes understood as per ITC 24 below, specified in the Financial Proposal (Form FIN-1) shall be considered as the offered price.
Lump Sum Contracts. The percentage of the total lump sum fee that represents the ratio of Work completed to the total amount of Work;
Lump Sum Contracts. The percentage of the total lump sum fee that represents the ratio of Work completed to the total amount of Work; Specific Rate of Compensation Contract: Incurred cost of actual Work performed; Per Unit of Work Contract: The cost of each completed unit of Work and/or a percentage of each partially completed unit of Work. Cost Plus Fixed Fee Contracts: Incurred cost of actual Work performed plus a percentage of the fixed fee that represents the ratio of Work completed to the total amount of Work; In no event shall County be liable for costs incurred by Contractor after the specified termination date, including but not limited to anticipated profits on this Agreement, post-termination employee salaries, post-termination administrative expenses, or post-termination overhead or unabsorbed overhead. REMEDIES FOR BREACH
Lump Sum Contracts. Where the Order states that the Contract Sum is payable as a lump sum, payment shall be made by Housing within 30 days of the receipt from the Contractor of a correct invoice for the amount of the Contract Sum, which may be presented not earlier than the date of the Certificate of Satisfaction or (if no Certificate is issued) when the Trade Contract Works have been completed to the satisfaction of the Designated Officer. Instalments
Lump Sum Contracts. 1. Payment will be made for the earned value of Work completed during the payment period expressed as a percentage of Work completed for each line item during the payment period per the Contract Documents.
2. Payment amount is the value of Work completed per the Contract Documents multiplied by the percentage of Work completed.
3. Payment for lump sum items divided into an estimated number of units to determine earned value per Paragraph 17.03.E.3 will be made for the measured number of units.
4. Payment for stored materials and equipment will be made per Paragraph 17.06.